Breaking Down Pi Network's Price Rebound
Pi Network token rebounds 5.2% in 24 hours, with trading volume surging 6.9%
PI cryptocurrency is displaying early signs of recovery after experiencing an extended downtrend that started when it peaked near $3 this year. Currently trading at around $0.58, PI has seen a 5.2% price increase over the last 24 hours, with trading volume rising 6.9% to $139.4 million.
Pi Network has managed to gain 14% over the past 30 days, suggesting growing momentum despite the bearish pressure. The cryptocurrency has established a base of support at the $0.60-$0.65 range after sliding from $1.69 to $0.57 during March and April.
The Relative Strength Index (RSI) is currently at 42.7, a signal that selling pressure is easing and a potential trend reversal might occur. Price action is now in a consolidation phase, with PI trading between $0.55 and $0.73.
Although Pi Network still has bearish moving averages on the daily chart, such as the 50-day simple moving average at $0.7978 and the 10-day estimated moving average at $0.6236, tightening Bollinger Bands hint at a possible breakout in the near future.
Technical Indicators Suggesting a Trend Reversal
Several technical indicators are starting to favor the bulls, although the overall trend remains somewhat mixed. The Moving Average Convergence Divergence (MACD) has turned bullish, with the 12-day exponential moving average now above the 26-day EMA, signaling increased buying momentum.
The Money Flow Index (MFI), which combines volume and price data, remains close to the neutral midpoint, indicating neither overbought nor oversold conditions but potential upward movement. The Average Directional Index (ADX) is at 36.82, showing a strong trend without clarity on direction, with a recent decline suggesting slight momentum loss.
If bullish momentum intensifies, analysts suggest that PI could rally toward $0.96, potentially extending to $1.39 in an optimistic scenario. Conversely, failure to maintain support could see prices test lower levels around $0.41.
The next crucial resistance level for bulls to overcome is $0.65, while $0.70 serves as the subsequent target if momentum continues to build. Despite these promising signals, the market remains cautious due to the ongoing token supply challenges and successive lower highs and lower lows in price action.
Upcoming Catalysts for Price Development
- Consensus 2025 conference: According to Dr. Altcoin, a potential surge to $5 by May might occur if Pi Network manages to garner traction at this event, where its founder will speak[3].
- Mainnet wallet activation: Recent upgrades could expedite exchange listings, potentially including Binance integration, which would boost liquidity and visibility[1].
Pi Network's price recovery hinges on a combination of technical factors and upcoming catalysts. With a critical attempt to break above the $0.65 resistance level and May’s event-driven developments, market sentiment remains cautiously optimistic.
Traders are closely monitoring these developments and will make decisions based on the outcome of the $0.65 breakout attempt and the unfolding technical indicators.
[1] Cointelegraph, Pi Network Mainnet Wallet to Boost Exchange Listings, Aim for Binance Integration
[3] Dr. Altcoin, Pi Network's Price Forecast for 2025 and Beyond
- The recent 5.2% price increase in the PI cryptocurrency, trading around $0.58, is a sign of a potential rebound in the cryptocurrency market, particularly for Pi Network.
- The Moving Average Convergence Divergence (MACD) has turned bullish for Pi Network, with the 12-day exponential moving average now above the 26-day EMA, signaling increased buying momentum.
- The Money Flow Index (MFI) is close to the neutral midpoint for Pi Network, indicating potentially upward movement despite the ongoing largely mixed trend.
- In the near future, the tightening Bollinger Bands on the daily chart for Pi Network suggest a possible breakout, which could lead to a trend reversal.
- Technical indicators for Pi Network, such as the MFI, MACD, and ADX, are starting to favor the bulls, but the overall trend remains somewhat mixed due to successive lower highs and lows in price action, token supply challenges, and rising skepticism.
